Home Reach

Did you know that  St. Modwen Homes has now partnered up with Heylo Housing meaning you can now buy one of our homes on a Part Buy, Part Rent basis?  Home Reach, Heylo is a government-backed scheme that allows you to buy a share of your new St. Modwen Home and pay an affordable monthly rent on the remaining share.

Intrigued? …

You now have the option of buying a share of up to 75% of your home and then pay 2.75% rent on the remaining share you haven’t purchased on a monthly basis. With this option, you can either sell or purchase more shares in the future, and once you have purchased all shares of your home, you will then stop paying the monthly rent.

So how do you know if you are eligible?

You can use this scheme if your household income does not exceed £80,000 per annum for homes outside of London (£90,000 in London) and you have a deposit of at least 5% of the share value.

You can also use Part Buy, Part Rent if the property you are buying is your only home and that you have registered and been approved with a Help To Buy Agent.

To use this scheme you also need to be a first-time buyer or are someone who cannot afford to buy a property of full market value but has passed a Home’s England Affordability calculator, demonstrating you are financially able to purchase the share value and afford the monthly costs.

How do you apply and how does it work?

You’ll need to register your interest with the sales team at the development of your choice. Remember you’ll also need to register with your local Help to Buy Agent!

Once registered, you will need to complete a financial affordability assessment with an Independent Financial Advisor to ensure you can afford the purchase cost and maintain monthly costs.

Now for the exciting bits…

As soon as you have confirmation of affordability, you can then choose the home you wish to purchase (subject to the availability of the development).

You’ll then be able to do pick all your interior choices and look at adding in those eye-catching optional extras (subject to the build stage and house-type) & pay the reservation fee to secure the plot of your choice.

Here’s where it starts getting serious..

You’ll then need to apply for a mortgage with your financial advisor with terms of exchange of contracts within 28 days. Before the exchange of contracts is taken, you will need to appoint a solicitor who will carry out all the legal work on your behalf.

Once all legal documents have been handed over and completed, the exchange of contacts will be taken, which is where you will pay your deposits and agree on a completion date.

And finally on completion day…

You’ll receive a call from your Sales Consultant to let you know that completion has taken place and your keys are ready for you to come and collect. We will then welcome you to your new St. Modwen home!

Want to print & take this information away with you?  Click here for the downloadable homebuyer step by step guide

Important Key Facts to remember:

• Home Reach uses a Government Standard Lease
• Home Reach is a government backed scheme
• Rent of the unsold share is charged at 2.75%
• You only need a deposit of your share value
• You have the freedom to decorate
• You can increase level of ownership at any time
• You have the ability to staircase to 100%
• You have the flexibility to sell and move at any time